As we enter our 4th week of “Shelter in Place”, I hope you and yours are staying safe, healthy and maintaining your optimism. I know sometimes, that last one can be hard to achieve! We will get through this, will probably pick up some new skills for doing business (Zoom and new real estate certifications for me) and some new exercise habits, like daily walks! I’ve never seen so many neighbors out gardening, playing with their kids and above all, walking! My family and I have been following SIP instructions and we’ve been supporting local restaurants by ordering take out. Check out this great article from the Marin IJ with an exhaustive list of restaurants open for business.
With the latest SIP order, real estate did get reclassified as an “Essential Service”. Marketing, buying and selling can continue virtually and homes may be shown. Support services, such as title/escrow, inspections, repairs, etc. are allowed. What are the resulting trends we are seeing?
- Vacant homes are being listed, marketed virtually, shown in person and sold.
- Many occupied homes are being temporarily removed from the market and will return after the SIP order is lifted and can be shown.
- Some occupied homes are being shown virtually, and in some cases a sale is resulting (usually when a comprehensive virtual tour, completed pre-sale inspections, Facetime/Skype tour with Seller, Listing Agent, Buyer and Buyer’s Agent are all available).
Here’s how this translates in terms of MLS numbers:
Judging from the Total Non-Active listings now (Coming Soon and Withdrawn/Cancelled), the market will pick up dramatically, almost doubling our supply, once we get back to some semblance of normal life. Mortgage rates remain low and with the expected supply, Buyers should have some attractive choices. Sellers could benefit by selling now versus after the SIP is lifted. You'll find detailed figures for homes sold by city below:
I’ve continued taking listings, helping Buyers, closing contracts and answering questions throughout this Shelter in Place period, albeit in a different way and entirely within the order mandates.
Who do you know who wants to sell, buy or who just has questions? I am always available to help in any way I can!
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